Hong Kong Arm of China’s LeEco Recordsdata for Liquidation

A Hong Kong arm of embattled Chinese language tech conglomerate LeEco has filed a petition to the territory’s extreme court docket docket to wind up the company, media inside the Asian financial hub said on Thursday.

LE Company Restricted, a unit of LeEco, has utilized to liquidate the enterprise consistent with court docket docket paperwork, government-owned Radio Tv Hong Kong and totally different native media said.

LE Company couldn’t immediately be reached for comment. The buyer assist hotline listed on its site didn’t appear to be working.

LeTV Sports actions Tradition Develop (Hong Kong) Co. Restricted, one different LeEco unit in Hong Kong that broadcasts sports activities actions events, said on its Facebook net web page that its operations had been unaffected by LE Company’s software program for liquidation because it’s a separate entity.

It said it would proceed its NBA basketball and Premier League soccer broadcasting enterprise inside the metropolis beneath the mannequin determine LeSports HK.

LeEco, an leisure, electronics and electrical cars group based mostly by Jia Yueting, has struggled to pay its cash owed after speedy enlargement led to a cash crunch, share worth plunge and a quantity of defaults.

In Hong Kong, LeEco purchased smartphones, Web TVs and on-line content material materials. At its peak in early 2016, the group employed tons of all through a quantity of subsidiaries inside the metropolis, which was its Asia Pacific headquarters.

Cheng Shisheng, a Beijing-based spokesman for LeEco, suggested Reuters by phone that he now solely works for LeEco’s vehicle enterprise and declined to the touch upon all points related to LeEco Hong Kong’s state of affairs.

© Thomson Reuters 2017

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